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Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
UK jobs data released today showed a surprise increase in wages, which boosted the odds of another 25 basis point rate hike by the Bank of England (BoE) to 90%.
This week is relatively quiet on news this week, with the major headline being the FOMC minutes being released on Wednesday.
EUR remains on the backfoot after yesterday’s dovish ECB policy decision. The European Central Bank (ECB) raised interest rates yesterday, but also signaled that they have reached a "sufficiently restrictive" level of rates. This sent the EUR lower across the board.
This morning's UK growth data showed a faster than expected contraction in UK growth for July
This morning's UK labour data was a bleak one. The labour market and growth are contracting, while inflation pressures are building. This is a typical stagflation environment for the UK.
The biggest influence on overall risk sentiment today will be incoming US data.
The current outlook for the markets is mixed. Oil prices are likely to remain supported by tight supply, but equities could be weighed down by concerns about inflation. The US Dollar is likely to remain strong, but could come under pressure if the ISM Services PMI disappoints.
The financial markets are in a risk-off mood, as investors are concerned about the global economic outlook. The stronger US Dollar is likely to continue to weigh on commodities and other risk assets.
The Reserve Bank of Australia (RBA) is expected to hold interest rates at 4.10% at its meeting tomorrow, according to a majority of analysts.
The AUD is trading lower today, but we continue to think that the currency offers value at the current levels. The main focus for the markets today will be the NFP and ISM Mfg PMI reports. A miss in either of these reports could be a bullish catalyst for the AUD.
The focus today will be on the US jobless claims and PCE data.
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